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Re: Breaking News: Manning agrees to 5 year/ $90 million deal

The Colts have reportedly reached an agreement with franchise QB Peyton Manning(notes). According to ESPN's Chris Mortensen, it is a five-year, $90 million deal.

That's an $18 million-a-year average, equaling the deal the Patriots gave Tom Brady(notes) last offseason.

Manning had been given the exclusive franchise tag before the lockout, but owner Jim Irsay had made it clear the team was going to try to sign him to a long-term deal, with a goal of getting it done before Sunday.

Manning, who had neck surgery on May 23 to remove a portion of a bulging disk, has not begun practicing. He told The Indianapolis Star this week, "While I appreciate Jim Irsay offering to make me the highest-paid player, I told him I'd rather he save that money and keep whoever it is." Manning referenced RB Joseph Addai(notes) and OLT Charlie Johnson(notes).

"I'm willing to take less than they've offered if they are going to take that money to keep players we need to keep and go get other players," he added.

According to Mortensen, Manning told Irsay that a five-year, $100 million deal was not necessary. That would have made him the highest-paid player in football; instead he is at the same average as Brady.

The 11-time Pro Bowler threw 33 touchdowns and 17 interceptions last season, while many of his skill players battled injuries.